Tuesday, April 17, 2012

Too many people borrowed too much!

Spain under debt pressure amid fears euro crisis will spiral out of control

"The storm clouds hanging over Spain darkened further today after its borrowing costs spiked at an auction of short-term bonds"."Chaos in euroland has pushed the pound to a 19 month-high against the single currency". "Fears are mounting that Spain will be the next country in the single currency bloc to implode as it struggles to prop up its banks and cut its deficit – plunging the eurozone deeper into crisis". (yes, and all those unsold houses on the books of the banks).

Posted by alan @ 03:07 PM (1925 views)
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9 thoughts on “Too many people borrowed too much!

  • Sky just posted:
    “The International Monetary Fund (IMF) has for the first time accepted the prospect of the euro breaking up!

    In its flagship economic survey of the world economy, the IMF acknowledged that there were fundamental “flaws” in the design of the single currency and said that one prospective “tail risk” is a “disorderly default and exit by a euro area member”.

    It is the first time the IMF has openly contemplated such an outcome”.!!

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  • the euro was never a good idea from the start

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  • happy mondays says:

    Does that mean foreign investment in British property? Emmm!

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  • i wonder how many brits will suffer because of owning property in spain, greece, etc etc

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  • mark wadsworth says:

    Oh… are we having another “Euro zone crisis”? We haven’t had one of those for months so I suppose it was about time.

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  • Spain is the most likely to jump – hence the angst and general pre-covering of backs.

    Btw Notice the lack of commentary on Portugal – it’s a basket case. Guess who’s put the clamp on that one.

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  • general congreve says:

    @5 – I think you’re exaggerating a bit there MW, I make it weeks.

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  • The IMF would love to break up the Eurozone and gain full control over the nation states. The trick for the Euro nations will be pulling out and retaining national sovereignty over their affairs. The only way to achieve this is via unilateral default on all debt held in foreign currencies. If multiple countries do this in concert, the IMF will be powerless to stop this, but they can be picked off one by one.

    I personally would propose a meeting of various indebted Euro countries and a co-ordinated default, devaluation and re-constitution of national currencies without any IMF or EU involvement.

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  • From today’s Mail:

    “As the euro crisis grips the continent, threatening the economies of a number of countries in the bloc, self-serving eurocrats have seen fit to splurge almost £50million of taxpayers’ money on the ‘House of European History’ where the Second World War is known as the European Civil War and ‘Year Zero’ for the continent is set at 1946, when the forerunner to the EU was formed”.

    http://www.dailymail.co.uk/news/article-2131277/WWII-airbrushed-European-history-18m-visitor-centre-TV-propaganda-channel-22-languages-As-Spain-teeters-brink-eurocrats-Brussels-bubble-spending-before.html

    As a kid I watched “Carry on Regardless”. I guess we now have the grown up version! This folly will make a lot of people bankrupt, I feel sure.

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